They are trying to purchase a home which was going through probate.

Typically homes in-between tenants, or a new purchase with intent to have renters within 30 days this is allowed. 

Purchase price: $932,500 Cash invested: $450,000 20-unit building converting from LTR to fully furnished MTR/STR.

In other words, not resold to the government so the bank had more flexibility on the condition.I look at the original commitment letter and it states "xxx amount will be advanced at closing for the purchase of an investment property, and the remaining balance of the loan to be placed into an escrow account to be disbursed as improvements are made".No points, and only one closing, so I don't have to deal with a short term HML that I have to refinance in under a year.Hope that helps!

I am currently purchasing a home that will work great as a Rent By the Room. 8 bed and 6 baths in the DFW area.

Quote from @Joe Davis: Quote from @Jack Phillips: Quote from @Joe Davis: Yes, Go High level is good, so is podio if you can build it or purchase pre-built off the shelf like InvestorFuse. 

Why do you think purchase contracts are so long and have such small print?

Quote from @Jacob Campbell: Hello - After listening to the podcast, I've made a commitment to purchase a rental property by the end of Q2 this year (ideally by the end of Q1).

If somebody sues the buyer, I want seller and tenant both stuck with the words in the Tenant Estoppel Letter, and not able to testify to anything different.The exact wording of the Tenant Estoppel Letter should be negotiated between buyer and seller as part of the Purchase Agreement negotiations.

Feel free to DM me to schedule a call, I’d love to help you out with this purchase!